Binance Coin overtakes Tether to become the third-largest cryptocurrency by market capitalization after Bitcoin and Ether.
Binance Coin (BNB), a cryptocurrency issued by the world’s largest crypto exchange Binance, has hit a major historical milestone, becoming the third-largest coin by market capitalization for the first time in history.
At the time of writing, BNB’s market cap stands at $38 billion, outstripping the biggest stablecoin Tether (USDT) by about $5 billion, according to data from crypto tracking source CoinGecko.
Binance Coin is trading at $257, up 47% over the past 24 hours and skyrocketing 107% over the past seven days at publishing time.
Alongside propelled growth in market capitalization, BNB also saw a major spike in daily trading volumes, which saw the average daily trading volume of Binance Coin hit a new all-time high of $14 billion today, up from around just $9 billion yesterday.
Binance Coin’s entrance to the top three coins by market cap follows a massive rally. As reported by Cointelegraph, BNB recorded a major surge yesterday, outperforming XRP and becoming the sixth largest coin, following Polkadot (DOT) and Cardano (ADA).
BNB’s surge comes amid the success of Binance Smart Chain-based decentralized exchange, PancakeSwap. The decentralized finance platform has seen some parabolic growth in the past weeks, overtaking Uniswap as the largest decentralized exchange by trading volume yesterday. At the time of writing, PancakeSwap’s average daily trading volume stands at $1.6 billion, up from $1.2 billion of Uniswap, according to CoinGecko.
Binance CEO Changpeng Zhao noted that BNB has been setting new all-time highs not only in fiat terms, but also in relation to the world’s largest cryptocurrency, Bitcoin (BTC). “From a humble 0.00001 BTC per BNB, we have grown 480x against BTC in the last 3 and half years,” Zhao wrote. He said that BNB’s performance against BTC has been the main goal of Binance:
“This has always been our goal, to grow a bit faster than BTC. Not over taking it, but with so much effort we put in, we want to see it grow a bit faster. Otherwise, we should just buy BTC and not work.”
